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September 30, 2008- GRAND TURK, Premier the Hon. Dr. Michael Misick accepted US$6.3 million from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) this afternoon, three weeks after the country was devastated by the impact of Hurricane Ike.  

The payout is the full claim due to the government on their 2008 hurricane policy issued by the CCRIF. As the country continues its recovery and rebuilding efforts, the payout will no doubt help to satisfy its short-term financial needs, fulfilling the Facility’s mandate. "The government of the Turks and Caicos Islands is thankful for the quick payout made by the CCRIF. We look forward to the continued support of the Facility and its member governments, many of which have also pledged to assist in our redevelopment," Premier Misick said.

The high level of activity recorded in the Atlantic Basin for the 2008 hurricane season so far, affirms the necessity for the CCRIF. Fortunately, most member governments were able to avoid catastrophic losses from any one storm, but for Turks and Caicos the recovery would have been much more difficult had they not had access to their CCRIF claim.  "Our goal has always been to assist our member governments in the short-term after a catastrophic natural disaster and so we are pleased to contribute to the recovery and redevelopment of Turks and Caicos through this payout," said Dr Simon Young, CEO CaribRM, Facility Supervisor
of the CCRIF.

About the CCRIF: The CCRIF is the first multi-country risk pool in the world, and is also the first insurance instrument to successfully develop a parametric policy backed by both traditional and capital markets. It is a regional insurance fund for Caribbean governments designed to limit the financial impact of catastrophic hurricanes and earthquakes by quickly providing financial liquidity when a policy is triggered.   Last year, the CCRIF paid out US$1 million to Dominica and St. Lucia in the aftermath of the November 2007 earthquake that shook the Eastern Caribbean. ###